High Templar Tech Limited Reports Fourth Quarter and Full Year 2025 Unaudited Financial Results
XIAMEN, China, March 11, 2026 /PRNewswire/ -- High Templar Tech Limited ("High Templar" or "the Company" or "We") (NYSE: HTT), an enabler of AI-driven technology company in China, today announced its unaudited financial results for the quarter and full year ended December 31, 2025.
Fourth quarter 2025 Financial Highlights:
- Total revenues were RMB3.2 million (US$0.5 million), compared to RMB52.2 million for the same period of last year
- Net loss attributable to the Company's shareholders was RMB163.1 million (US$23.3 million), compared to RMB66.4 million for the same period of last year; net loss per diluted ADS was RMB1.03 (US$0.15) for the fourth quarter of 2025
Full Year 2025 Financial Highlights:
- Total revenues were RMB41.0 million (US$5.9 million) for 2025, representing a decrease of 81.1% from 2024, primarily attributable to the decrease in sales income generated from last-mile delivery business
- Net income attributable to the Company's shareholders was RMB708.6 million (US$101.3 million), compared to RMB91.7 million in 2024; net income per diluted ADS was RMB4.25 (US$0.61) for 2025
We continued to execute our business transition while maintaining a healthy balance sheet by pursuing efficient cash management. Moving forward, we remain focused on navigating market dynamics and capitalizing on new business in order to build long-term value for our shareholders.
Fourth Quarter Financial Results
Sales income and others decreased by 93.9% to RMB3.2 million (US$0.5 million) from RMB52.2 million for the fourth quarter of 2024, which was primarily due to the winding down of our last-mile delivery business.
Total operating costs and expenses decreased by 31.8% to RMB111.6 million (US$16.0 million) from RMB163.7 million for the fourth quarter of 2024.
Cost of revenues decreased by 95.2% to RMB2.3 million (US$0.3 million) from RMB47.8 million for the fourth quarter of 2024, primarily due to the decrease in service cost as we wing down the last-mile delivery business.
General and administrative expenses decreased by 16.7% to RMB94.6 million (US$13.5 million) from RMB113.6 million for the fourth quarter of 2024, primarily due to the decrease in staff compensations.
Research and development expenses decreased by 20.3% to RMB10.2 million (US$1.5 million) from RMB12.8 million for the fourth quarter of 2024, as a result of the decrease in staff head count, which led to a corresponding decrease in staff salaries.
Loss from operations was RMB108.4 million (US$15.5 million), compared to RMB111.3 million for the fourth quarter of 2024, mainly due to the winding down of our last-mile delivery and decrease in staff compensations.
Interest and investment loss, net was RMB36.9 million (US$5.3 million), compared to an income of RMB8.0 million for the fourth quarter of 2024, mainly due to the decrease of income from investments in the fourth quarter of 2025.
Gain on derivative instrument was RMB37.3 million (US$5.3 million), compared to a loss of RMB32.6 million for the fourth quarter of 2024, mainly attributable to the increase in quoted price of the underlying equity securities relating to the derivative instruments we held.
Net loss attributable to the Company's shareholders was RMB163.1 million (US$23.3 million), compared to RMB66.4 million in the fourth quarter of 2024. Net loss per diluted ADS was RMB1.03 (US$0.15).
Full Year 2025 Financial Results
Sales income and others decreased by 81.1% to RMB41.0 million (US$5.9 million) from RMB216.4 million for the year of 2024, which was primarily due to the winding down of our last-mile delivery business.
Total operating costs and expenses decreased by 16.2% to RMB439.7 million (US$62.9 million) from RMB524.9 million for 2024.
Cost of revenues decreased by 81.1% to RMB38.0 million (US$5.4 million) from RMB201.0 million for 2024, primarily due to the decrease in service cost as we wind down the last-mile delivery business.
General and administrative expenses increased by 5.4% to RMB291.5 million (US$41.7 million) from RMB276.6 million for 2024, primarily due to the increase in depreciation and property tax expenses following the completion of the construction of the Company's headquarters and partially offset by the decrease in staff compensations.
Research and development expenses decreased by 21.9% to RMB45.7 million (US$6.5 million) from RMB58.5 million for 2024, primarily due to the decrease in staff head count, which led to a corresponding decrease in staff salaries.
Loss from operations was RMB398.4 million (US$57.0 million) compared to RMB308.1 million for 2024.
Interest and investment income, net increased by 160.6% to RMB990.4 million (US$141.6 million) from RMB380.1 million for 2024, primarily attributable to the increase of income from investments in the year of 2025.
Gain on derivative instrument was RMB188.7 million (US$27.0 million) from RMB19.5 million for 2024, mainly due to increase in quoted price of the underlying equity securities relating to the derivative instruments we held.
Net income attributable to the Company's shareholders was RMB708.6 million (US$101.3 million), compared to RMB91.7 million in 2024; net income per diluted ADS was RMB4.25 (US$0.61).
Cash Flow
As of December 31, 2025, the Company had cash and cash equivalents of RMB5,532.4 million (US$791.1 million) and restricted cash of RMB1,523.7 million (US$217.9 million). Restricted cash mainly represents security deposits held in designated bank accounts for the guarantee of short-term borrowings. Such restricted cash is not available to fund the general liquidity needs of the Company.
For the fourth quarter of 2025, net cash provided by operating activities was RMB50.0 million (US$7.1 million), mainly attributable to proceeds from interest and investment income. Net cash used in investing activities was RMB1,347.6 million (US$192.7 million), mainly due to payments of deposit pledged as collateral for derivative instrument. Net cash used in financing activities was RMB128.0 million (US$18.3 million), mainly due to the repurchase of ordinary shares.
For the full year of 2025, net cash provided by operating activities was RMB687.2 million (US$98.3 million), mainly attributable to proceeds from interest and investment income. Net cash provided by investing activities was RMB851.8 million (US$121.8 million), mainly attributable to proceeds from redemption of short-term investments and redemption of deposit pledged as collateral for derivative instrument. Net cash provided by financing activities was RMB555.5 million (US$79.4 million), mainly due to the proceeds from short-term borrowings and partially offset by the repurchase of ordinary shares.
Update on Share Repurchase
Our Board approved a share repurchase program in March 2024 to purchase up to US$300 million worth of Class A ordinary shares or ADSs in the next 36 months starting from June 13, 2024. From the launch of the share repurchase program on June 13, 2024 to March 8, 2026, the Company has in aggregate purchased 28.0 million ADSs in the open market for a total amount of approximately US$77.7 million (an average price of $2.8 per ADS) pursuant to the share repurchase program.
As of March 8, 2026, the Company had in aggregate purchased 182.3 million ADSs for a total amount of approximately US$771.9 million (an average price of $4.2 per ADS).
About High Templar Tech Limited
High Templar Tech Limited ("High Templar") is an enabler of AI-driven technology. High Templar is exploring innovative business opportunities globally to satisfy clients' demand by leveraging its technology know-how and financial service capabilities.
For more information, please visit https://ir.hightemplar.com/.
Use of Non-GAAP Financial Measures
We use Non-GAAP net income/loss attributable to the Company's shareholders, a Non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes. We believe that Non-GAAP net income/loss attributable to the Company's shareholders helps identify underlying trends in our business by excluding the impact of share-based compensation expenses, which are non-cash charges. We believe that Non-GAAP net income/loss attributable to the Company's shareholders provides useful information about our operating results, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.
Non-GAAP net income/loss attributable to the Company's shareholders is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This Non-GAAP financial measure has limitations as an analytical tool, and when assessing our operating performance, cash flows or our liquidity, investors should not consider them in isolation, or as a substitute for net loss /income, cash flows provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP.
We mitigate these limitations by reconciling the Non-GAAP financial measure to the most comparable U.S. GAAP performance measure, all of which should be considered when evaluating our performance.
For more information on this Non-GAAP financial measure, please see the table captioned "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB6.9931 to US$1.00, the noon buying rate in effect on December 31, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.
Statement Regarding Preliminary Unaudited Financial Information
The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences from this preliminary unaudited financial information.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the expectation of its collection efficiency and delinquency, contain forward-looking statements. High Templar may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about High Templar's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: High Templar's goal and strategies; High Templar's expansion plans; High Templar's future business development, financial condition and results of operations; High Templar's expectations regarding demand for, and market acceptance of, its products; High Templar's expectations regarding keeping and strengthening its relationships with customers, business partners and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in High Templar's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and High Templar does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
In China:
High Templar Tech Limited
Tel: +86-592-596-8208
E-mail: ir@hightemplar.com
High Templar Tech Limited | ||||||
Unaudited Condensed Consolidated Statements of Operations | ||||||
Three months ended December 31, | ||||||
(In thousands except for number | 2024 | 2025 | ||||
of shares and per-share data) | (Unaudited) | (Unaudited) | ||||
RMB | RMB | US$ | ||||
Revenues: | ||||||
Sales income and others | 52,236 | 3,162 | 452 | |||
Total revenues | 52,236 | 3,162 | 452 | |||
Operating cost and expenses: | ||||||
Cost of revenues | (47,826) | (2,300) | (329) | |||
Sales and marketing | (2,586) | (256) | (37) | |||
General and administrative | (113,560) | (94,636) | (13,533) | |||
Research and development | (12,816) | (10,236) | (1,464) | |||
Expected credit reversal/(loss) for receivables and other assets | 13,346 | (3,168) | (453) | |||
Impairment loss from other assets | (229) | (1,020) | (146) | |||
Total operating cost and expenses | (163,671) | (111,616) | (15,962) | |||
Other operating income | 157 | 12 | 2 | |||
Loss from operations | (111,278) | (108,442) | (15,508) | |||
Interest and investment income/(loss), net | 7,971 | (36,916) | (5,279) | |||
Loss from equity method investments | (2,102) | (17,831) | (2,550) | |||
(Loss)/Gain on derivative instruments | (32,648) | 37,250 | 5,327 | |||
Foreign exchange gain/(loss), net | 29,524 | (27,344) | (3,910) | |||
Other income | 51,216 | (7) | (1) | |||
Other expenses | 2,604 | (1,037) | (148) | |||
Net loss before income taxes | (54,713) | (154,327) | (22,069) | |||
Income tax expenses | (11,647) | (8,816) | (1,261) | |||
Net loss | (66,360) | (163,143) | (23,330) | |||
Net loss attributable to the Company's | (66,360) | (163,143) | (23,330) | |||
Loss per share for Class A and Class B ordinary | ||||||
Basic | (0.38) | (1.03) | (0.15) | |||
Diluted | (0.38) | (1.03) | (0.15) | |||
Loss per ADS (1 Class A ordinary share equals 1 | ||||||
Basic | (0.38) | (1.03) | (0.15) | |||
Diluted | (0.38) | (1.03) | (0.15) | |||
Weighted average number of Class A and Class B | ||||||
Basic | 172,381,467 | 157,946,200 | 157,946,200 | |||
Diluted | 177,303,133 | 162,728,128 | 162,728,128 | |||
Other comprehensive gain/(loss): | ||||||
Foreign currency translation adjustment | 60,308 | (29,021) | (4,150) | |||
Total comprehensive loss | (6,052) | (192,164) | (27,480) | |||
Total comprehensive loss attributable to the | (6,052) | (192,164) | (27,480) | |||
High Templar Tech Limited | ||||||
Unaudited Condensed Consolidated Statements of Operations | ||||||
Year ended December 31, | ||||||
(In thousands except for number | 2024 | 2025 | ||||
of shares and per-share data) | (Unaudited) | (Unaudited) | ||||
RMB | RMB | US$ | ||||
Revenues: | ||||||
Sales income and others | 216,428 | 40,964 | 5,858 | |||
Total revenues | 216,428 | 40,964 | 5,858 | |||
Operating cost and expenses: | ||||||
Cost of revenues | (201,023) | (38,045) | (5,440) | |||
Sales and marketing | (5,868) | (8,064) | (1,153) | |||
General and administrative | (276,565) | (291,504) | (41,685) | |||
Research and development | (58,464) | (45,734) | (6,540) | |||
Expected credit reversal/(loss) for receivables and other assets | 18,616 | (2,122) | (303) | |||
Impairment loss from other assets | (1,570) | (54,276) | (7,761) | |||
Total operating cost and expenses | (524,874) | (439,745) | (62,882) | |||
Other operating income | 298 | 377 | 54 | |||
Loss from operations | (308,148) | (398,404) | (56,970) | |||
Interest and investment income, net | 380,062 | 990,369 | 141,621 | |||
Loss from equity method investments | (4,049) | (18,937) | (2,708) | |||
Gain on derivative instruments | 19,457 | 188,711 | 26,985 | |||
Foreign exchange gain/(loss), net | 20,658 | (46,305) | (6,622) | |||
Other income | 61,352 | 26,020 | 3,721 | |||
Other expenses | (11,795) | (2,152) | (308) | |||
Net income before income taxes | 157,537 | 739,302 | 105,719 | |||
Income tax expenses | (65,806) | (30,675) | (4,386) | |||
Net income | 91,731 | 708,627 | 101,333 | |||
Net income attributable to the Company's | 91,731 | 708,627 | 101,333 | |||
Earnings per share for Class A and Class B ordinary | ||||||
Basic | 0.50 | 4.37 | 0.63 | |||
Diluted | 0.49 | 4.25 | 0.61 | |||
Earnings per ADS (1 Class A ordinary share equals 1 | ||||||
Basic | 0.50 | 4.37 | 0.63 | |||
Diluted | 0.49 | 4.25 | 0.61 | |||
Weighted average number of Class A and Class B | ||||||
Basic | 182,859,075 | 162,123,417 | 162,123,417 | |||
Diluted | 187,780,699 | 166,905,308 | 166,905,308 | |||
Other comprehensive gain/(loss): | ||||||
Foreign currency translation adjustment | 37,882 | (68,933) | (9,857) | |||
Total comprehensive income | 129,613 | 639,694 | 91,476 | |||
Total comprehensive income attributable to the | 129,613 | 639,694 | 91,476 | |||
High Templar Tech Limited | ||||||
Unaudited Condensed Consolidated Balance Sheets | ||||||
As of December 31, | As of December 31, | |||||
(In thousands except for number | 2024 | 2025 | ||||
of shares and per-share data) | (Unaudited) | (Unaudited) | ||||
RMB | RMB | US$ | ||||
ASSETS: | ||||||
Current assets: | ||||||
Cash and cash equivalents | 4,263,312 | 5,532,376 | 791,119 | |||
Restricted cash and cash equivalents | 781,187 | 1,523,658 | 217,880 | |||
Time and structured deposit | 2,009,019 | 1,885,243 | 269,586 | |||
Derivative instruments-asset | - | 113,191 | 16,186 | |||
Short-term investments | 1,118,547 | 879,225 | 125,727 | |||
Accounts receivables | 34,275 | 5,351 | 765 | |||
Other current assets | 1,933,182 | 1,420,231 | 203,090 | |||
Total current assets | 10,139,522 | 11,359,275 | 1,624,353 | |||
Non-current assets: | ||||||
Right-of-use assets | 158,007 | 92,623 | 13,245 | |||
Investment in equity method investee | 146,101 | 126,533 | 18,094 | |||
Long-term investments | 78,987 | 72,769 | 10,406 | |||
Property and equipment, net | 1,586,034 | 1,677,993 | 239,950 | |||
Intangible assets | 2,207 | 1,586 | 227 | |||
Other non-current assets | 353,369 | 282,132 | 40,345 | |||
Total non-current assets | 2,324,705 | 2,253,636 | 322,267 | |||
TOTAL ASSETS | 12,464,227 | 13,612,911 | 1,946,620 | |||
High Templar Tech Limited | ||||||
Unaudited Condensed Consolidated Balance Sheets (Continued) | ||||||
As of December 31, | As of December 31, | |||||
(In thousands except for number | 2024 | 2025 | ||||
of shares and per-share data) | (Unaudited) | (Unaudited) | ||||
RMB | RMB | US$ | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Short-term borrowings | 720,000 | 1,576,000 | 225,365 | |||
Short-term lease liabilities | 18,697 | 4,233 | 605 | |||
Derivative instruments-liability | 89,895 | 52,012 | 7,438 | |||
Accrued expenses and other current liabilities | 262,078 | 290,252 | 41,506 | |||
Income tax payable | 33,423 | 58,156 | 8,316 | |||
Total current liabilities | 1,124,093 | 1,980,653 | 283,230 | |||
Non-current liabilities: | ||||||
Long-term lease liabilities | 48,706 | 655 | 94 | |||
Total non-current liabilities | 48,706 | 655 | 94 | |||
Total liabilities | 1,172,799 | 1,981,308 | 283,324 | |||
Shareholders' equity: | ||||||
Class A Ordinary shares | 132 | 132 | 18 | |||
Class B Ordinary shares | 44 | 44 | 6 | |||
Treasury shares | (1,419,286) | (1,716,516) | (245,459) | |||
Additional paid-in capital | 4,026,668 | 4,024,379 | 575,479 | |||
Accumulated other comprehensive profit/(loss) | 13,752 | (55,181) | (7,891) | |||
Retained earnings | 8,670,118 | 9,378,745 | 1,341,143 | |||
Total equity | 11,291,428 | 11,631,603 | 1,663,296 | |||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 12,464,227 | 13,612,911 | 1,946,620 | |||
High Templar Tech Limited | |||||||
Unaudited Reconciliation of GAAP And Non-GAAP Results | |||||||
Three months ended December 31, | |||||||
2024 | 2025 | ||||||
(In thousands except for number | (Unaudited) | (Unaudited) | |||||
of shares and per-share data) | RMB | RMB | US$ | ||||
Total net loss attributable to the Company's shareholders | (66,360) | (163,143) | (23,330) | ||||
Add: Share-based compensation expenses | 2,150 | - | - | ||||
Non-GAAP net loss attributable to the Company's shareholders | (64,210) | (163,143) | (23,330) | ||||
Non-GAAP net loss per share—basic | (0.37) | (1.03) | (0.15) | ||||
Non-GAAP net loss per share—diluted | (0.37) | (1.03) | (0.15) | ||||
Weighted average shares outstanding—basic | 172,381,467 | 157,946,200 | 157,946,200 | ||||
Weighted average shares outstanding—diluted | 177,303,133 | 162,728,128 | 162,728,128 | ||||
High Templar Tech Limited | |||||||
Unaudited Reconciliation of GAAP And Non-GAAP Results | |||||||
Year ended December 31, | |||||||
2024 | 2025 | ||||||
(In thousands except for number | (Unaudited) | (Unaudited) | |||||
of shares and per-share data) | RMB | RMB | US$ | ||||
Total net income attributable to the Company's shareholders | 91,731 | 708,627 | 101,333 | ||||
Add: Share-based compensation expenses | 2,258 | - | - | ||||
Non-GAAP net income attributable to the Company's shareholders | 93,989 | 708,627 | 101,333 | ||||
Non-GAAP net income per share—basic | 0.51 | 4.37 | 0.63 | ||||
Non-GAAP net income per share—diluted | 0.50 | 4.25 | 0.61 | ||||
Weighted average shares outstanding—basic | 182,859,075 | 162,123,417 | 162,123,417 | ||||
Weighted average shares outstanding—diluted | 187,780,699 | 166,905,308 | 166,905,308 | ||||
SOURCE High Templar Tech Limited
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